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Advanced Analytics and AI: Impact, Implementation, and the Future of Work

Advanced Analytics and AI: Impact, Implementation, and the Future of Work

Tony Boobier

ISBN: 978-1-119-39093-0 April 2018 304 Pages

 E-Book

$30.99

Description

Be prepared for the arrival of automated decision making

Once thought of as science fiction, major corporations are already beginning to use cognitive systems to assist in providing wealth advice and also in medication treatment. The use of Cognitive Analytics/Artificial Intelligence (AI) Systems is set to accelerate, with the expectation that it’ll be considered ‘mainstream’ in the next 5 – 10 years. It’ll change the way we as individuals interact with data and systems—and the way we run our businesses.

Cognitive Analysis and AI prepares business users for the era of cognitive analytics / artificial intelligence. Building on established texts and commentary, it specifically prepares you in terms of expectation, impact on personal roles, and responsibilities. It focuses on the specific impact on key industries (retail, financial services, utilities and media) and also on key professions (such as accounting, operational management, supply chain and risk management).

  • Shows you how users interact with the system in natural language
  • Explains how cognitive analysis/AI can source ‘big data’
  • Provides a roadmap for implementation
  • Gets you up to speed now before you get left behind

If you’re a decision maker or budget holder within the corporate context, this invaluable book helps you gain an advantage from the deployment of cognitive analytics tools.

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Acknowledgements xi

Preamble: Wellington and Waterloo xiii

Introduction xv

Prologue: What Do We Mean by Work? 1

Summary 1

Introduction 1

Slavery or Freedom? 2

The Rise of Industrialisation 4

Gen Z and the Flat White Society 8

The Impact of Unemployment 9

Replacing the Need to Work 12

Conclusion 13

Notes 14

CHAPTER 1 Introduction to Analytics 15

Summary 15

Introduction 15

Business Intelligence 17

Advanced Analytics 20

Prescriptive Analytics 25

Business Rules 27

Cognitive Analytics 29

The Accuracy of Analytical Outputs 31

Conclusion 34

Notes 35

CHAPTER 2 Artificial Intelligence 37

Summary 37

Introduction 37

The Turing Test 38

The Dartmouth Event 40

Post-Dartmouth, the AI Winter, and Singularity 41

Springtime for AI? 43

How Does AI Work? 45

Can Computers Be Creative? 48

Conclusion 50

Notes 51

CHAPTER 3 The Impact of AI on Leading-Edge Industries 53

Summary 53

Introduction 53

Financial Services 57

Retail Banking 57

Commercial Banking 59

Investment Banking 60

Wealth Management 62

Insurance 63

Automobiles 67

AI Implementation Timeline 68

Key Developments 69

Innovating to Zero 71

AI and Motor Manufacturing 72

Media, Entertainment, and Telecom 77

Retail 79

Conclusion 83

Notes 84

CHAPTER 4 The Impact of AI on Second-Mover Industries 88

Summary 88

Introduction 88

Construction 89

Augmented Reality 90

Drones and Remote Imagery 91

Contractor Plant and Equipment 92

Employee Behaviour 92

Cultural Change in Construction 94

Utilities and Infrastructure Resilience 95

Construction Industry Summary 96

Utilities 97

Electrical Power 97

Gas 98

Water 98

Wastewater 99

Smart Homes, Smart Infrastructure? 99

Interconnectivity, Poverty, and Famine 100

Public Services 101

Education 104

Policing 107

Healthcare 108

Agriculture 109

Technology Industry 111

Conclusion 113

Notes 114

CHAPTER 5 The Impact of AI on Professions 117

Summary 117

Introduction 117

Work and Professions 118

The Importance of Competences 122

The Morevec Paradox and Why it Threatens Professionals 122

Management 124

Office of Finance 125

Legal Profession 127

Sales and Marketing 130

Retailers 131

Commercial Media 133

Creative Arts 134

Publishing 135

Transportation 137

The Digital Railway 137

Autonomous Flight and Virtual Pilots 138

Air Traffic Controller 139

Engineers and the Built Environment 140

Building Engineers 140

Building Planners 141

Medical Profession 142

General Practitioners 143

Dentists 143

Neurosurgeons 143

Data Centres 145

Entrepreneurs 147

Conclusion 150

Notes 151

CHAPTER 6 Risk and Regulation 155

Summary 155

Introduction 155

What Is Risk? 156

Technology and System Failures 157

Data Security and Privacy 158

Employee Error and Fraud 160

Inadequate or Failed Procedures, Systems, and Policies 161

Reputational Risk 162

External Risk 163

Financial Risk 164

AI and the Future of Compliance 165

Roles, RegTech, and Forgiving the Machine 167

Conclusion 169

Notes 170

CHAPTER 7 Implementation Road Maps 172

Summary 172

Introduction 172

New Thinking on Employee Training 174

Robotics and Process Automation 176

Implementation Frameworks 177

Key Implementation Questions 177

Leadership and Sponsorship 179

Creating a Team 181

Finding Talent 182

Managing Progress 182

Human Resources Function 185

Alternative Spaces: The New Workplace 186

Timing: How Long to Implement? 189

Is Big Bang Transformation Possible? 190

Conclusion 191

Notes 192

CHAPTER 8 New Business Models 194

Summary 194

Introduction 194

Augment or Automate? 197

Issues of Place and Time 199

Contextual Insight 201

Wordplay and Communication 202

New Business Models for New Markets 203

Conclusion 203

Notes 205

CHAPTER 9 Coping with the Future 206

Summary 206

Introduction 206

Existing Roles in AI 207

Future Roles in AI 208

AI Education 209

Academic Education 210

On-the-Job Learning: Start-Ups and Innovation Labs 210

Personal Capabilities for Success 212

Can Computers Innovate? 212

Living with Robots 214

Elderly Healthcare and Robots 216

Taking Instructions and Advice from Computers 217

Rules for Robots 220

Conclusion 221

Notes 222

CHAPTER 10 Strategies for Personal Reinvention 224

Summary 224

Introduction 224

The Need for Personal Reinvention 225

How Easy Is It to Change? 226

The Importance of Events and Conferences 228

The Freedom of Franchises – from Employee to Owner 229

Can We Cope with Doing Nothing? 230

Third-Age Thinking 231

Conclusion 232

Notes 234

APPENDIX A: IMPLEMENTATION FLOWCHARTS 235

APPENDIX B: JOBS MOST AFFECTED BY ARTIFICIAL INTELLIGENCE 241

APPENDIX C: LIST OF PROFESSIONAL AI ORGANISATIONS 264

APPENDIX D: LIST OF TABLES 274

APPENDIX E: LIST OF FIGURES 276

INDEX 277